LOS ANGELES, CA -- Alan Mulally, CEO of Ford Motor Co announced today, during the Q & A following his Keynote address opening the LA Auto Show, that the UAW has "ratified a tentative agreement" with Ford and that the agreement will be submitted to UAW members for a vote. Ford will announce details of the agreement tomorrow during a conference call with media and other interested parties.
Mulally went on to talk about his “Five Part Strategy” that will reduce capacity in order to match production to demand. The company has had a two billion dollar improvement and still expects to be back to profitability by 2009. He also said, consumers should expect price increases, less discounting and fewer Fords in rental fleets.
By 2008 70% of their product line will be replaced or refreshed and by 2010 it will be 100%. He emphasized that because of the massive loans taken out to keep the company running Ford has enough liquidity to implement its product programs.
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